Amundi Immobilier, La Française Real Estate Partners and the French pension fund for pharmacists CAVP have partnered to buy a 28,000sqm office building in Levallois, France.
Ardian and LaSalle Investment Management said they have sold their interest in the West Bridge building located at 145-149 rue Anatole France in Levallois-Perret to the trio for an undisclosed sum.
West Bridge is undergoing a renovation program which is expected to complete by the end of next year.
In May, advertising firm WPP agreed to lease the building for 12 years.
Stéphanie Bensimon, head of real estate at Ardian, said: “We are very happy to have given a second wind to this iconic building. The lease signed with WPP and the sale to Amundi Immobilier, La Française Real Estate Partners and the Caisse d’assurance vieillesse des pharmaciens bear testament to the success of our joint project and the validation of our strategy.”
Beverley Shadbolt, country manager for France at LaSalle, said: “The ambitious refurbishment program that we have been carrying out with Ardian since 2017 in an environment which has seen a shortage in the number offers for new assets explain the success of this investment.
“This transaction perfectly illustrates our expertise in projects with high-value creation potential. We will continue to focus on restructuring and building developments in the established markets of the Paris region in the coming months.”
